Allianz Parque (), also known as Palestra Itália Arena, is a multipurpose stadium in São Paulo, Brazil, built to receive shows, concerts, corporate events, and especially football matches of Palmeiras, the site owner. The stadium has a capacity of 43,713 spectators. At the time of its opening, the stadium had one of the most modern multipurpose spaces in the whole country. Its stadium meets all of FIFA's standards, accrediting it to receive the most relevant sports tournaments. Its construction started in 2010 under the authorship of Portuguese architect Tomás Taveira. The stadium was built by the company WTorre Properties/Arenas, belonging to WTorre Group. The stadium is located on the site previously occupied by Palestra Itália Stadium, also popularly known as Parque Antárctica, and opened in 2014. Location The stadium is located in Pompeia Village, nearby the neighbourhoods of Perdizes and Barra Funda, in the west zone of São Paulo city. Near to the stadium, there is the Palmeiras–Barra Funda Metro Station at 1.5 km of distance, the Água Branca Metropolitan Train Station and several bus lines, totaling 50 different routes. For drivers, parking service is adjacent to the Allianz Parque, with capacity for 2,000 cars, plus 4,800 parking spaces in two malls located nearby. The complex is situated only 4 km from Paulista Avenue and 5 km from Central Zone of São Paulo. Besides, there are 9 5-star hotels in a radius of 6 km, more than 8,000 hospitalar beds at a distance of 5 km, apart from Congonhas Airport and Guarulhos Airport, at 13 and 30 km of distance, respectively. History Background Agreement The transformation of the former Palestra Italia Stadium in arena is the result of an agreement signed between Palmeiras and the company WTorre Properties/Arenas, belonging to WTorre Group. WTorre will manage the site for 30 years, and Palmeiras will profit 100% with the ticket sales at football matches. According to the agreement between Palmeiras and WTorre, all expenses for the use of the arena, such as water, electricity, security, cleaning, insurance, lawn maintenance, shall be borne by the entrepreneur. WTorre will hire a specialized company to manage the complex, passing onto Palmeiras an increasing percentage of the revenue with sponsorships, box seats and shows amongst others, starting on the first day of the complex's operation. At the end of this 30-year period, Palmeiras will integrate the whole enterprise, putting an end to the deal with company.